Here‘s a recent article from The Economist about difficulties traditional American newspapers have to face. In a nutshell: both circulation figures and advertising revenues continue to fall.

Much of [the] decline is being blamed on the rise of the internet, which offers free, round-the-clock coverage, and which has provided a new, better home for classified advertising, once the bedrock of most newspapers’ revenue. But some of the fall in revenues is actually due to the economic slowdown in America, and especially in the housing market, which contributes a large slice of classified advertising.